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CIMCO ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL YEAR 1993

 CIMCO ANNOUNCES FIRST QUARTER RESULTS FOR FISCAL YEAR 1993
 COSTA MESA, Calif., Sept. 1 /PRNewswire/ -- CIMCO Inc. (NASDAQ: CIMC) today reported 27 percent higher earnings for its first quarter ended July 31, 1992, on sales which increased 11 percent over the same period a year ago.
 The company stated that earnings rose to $370,000 or $.12 per share, up from 290,000, or $.10 per share, reported for the first fiscal quarter last year. Net sales for the current period climbed to $18.8 million from $17.0 million for the like period a year ago.
 "CIMCO's Compounding Group continues to be our stellar performer, showing strong sales growth," said Russell T. Gilbert, chairman and chief executive officer. "The largest improvement in the quarter, however, is the progress shown by CIMCO's Commercial/Industrial Group. While sales continued to be somewhat soft for this segment, our cost trimming measures and productivity improvements are paying off, and the group moved from a substantial loss in last year's first quarter to a profit in the current quarter."
 Gilbert noted that CIMCO Medical Group's income was below first quarter a year ago because of a combination of labor and material costs that were higher than planned. He said corrective measures have been taken to get costs back in line and additional sales efforts are being implemented.
 "During the coming quarters we will concentrate our efforts on further improving the turnaround in CIMCO Commercial/Industrial, regaining the momentum in our Medical Group, and maintaining our focus on bottom line performance," Gilbert concluded.
 Founded in 1959, CIMCO Inc. is a major developer and manufacturer of high performance plastic components for commercial/industrial and medical markets. The company also custom formulates and compounds reinforced thermoplastic materials. CIMCO supplies more than 100 original equipment manufacturers in the business machine, computer, commercial irrigation, automotive safety, telecommunications and health care industries.
 CIMCO INC.
 Selected Financial Data
 Quarter Ended July 31, 1992 July 31, 1991
 Net sales $18,760,000 $16,957,000
 Earnings before taxes 517,000 484,000
 Provision for income taxes 147,000 194,000
 Net earnings 370,000 290,000
 Earnings per
 common share (primary) .12 .10
 Weighted average
 shares outstanding 2,969,324 2,989,053
 Balance Sheet
 July 31, 1992 April 30, 1992
 Current assets $23,011,000 $21,945,000
 Total assets 48,298,000 47,001,000
 Current liabilities 13,448,000 11,669,000
 Long-term debt, net 5,328,000 6,178,000
 Stockholders' equity 27,075,000 26,706,000
 -0- 9/1/92 R
 /CONTACT: S. Suki Shattuck, 714-546-4460 of CIMCO; or Cecilia A. Wilkinson of Pondel Parsons & Wilkinson, 310-207-9300, for CIMCO/
 (CIMC) CO: CIMCO Inc. ST: California IN: SU: ERN


BP -- LA005 -- 5456 09/01/92 12:53 EDT
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Publication:PR Newswire
Date:Sep 1, 1992
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